Godrej Properties Bags Three Plots for New Housing Project in MMR
Godrej Properties has secured three adjacent plots totaling 6.5 acres in the Mumbai Metropolitan Region (MMR) for a housing project with a revenue potential of Rs 3,500 crore.
Godrej PropertiesMmrHousing ProjectLand AcquisitionKhargharReal Estate MumbaiOct 16, 2024
According to the e-auction portal of the City and Industrial Development Corporation of Maharashtra (CIDCO), the plots measure 6.54 acres and offer a development potential of around two million square feet. The project is expected to generate a combined revenue of approximately Rs 3,500 crore.
on Godrej Properties
Godrej Properties is a leading real estate developer in India, known for its high-quality residential and commercial projects. The company has a significant presence in major urban centers such as Delhi-NCR, MMR, Pune, and Bengaluru. With a strong focus on sustainable and innovative designs, Godrej Properties has earned a reputation for delivering projects that meet the evolving needs of modern homeowners and businesses.
Significance of the Project
The acquisition of these plots in Kharghar is a strategic move for Godrej Properties, as the area is rapidly developing and is expected to become a key residential and commercial hub in the MMR. The project will not only contribute to the company's growth but also enhance the quality of life for residents in the region.
Development Potential and Revenue Projections
The three plots, totaling 6.54 acres, offer a substantial development area of approximately two million square feet. This vast space will allow Godrej Properties to create a diverse range of housing options, catering to various segments of the market. The company's expertise in sustainable and efficient construction practices will ensure that the project meets the highest standards of quality and environmental responsibility.
The estimated revenue potential of Rs 3,500 crore underscores the significant financial implications of this project. It is expected to contribute significantly to Godrej Properties' financial performance and further solidify its position in the real estate market.
Progress on Annual Guidance
Godrej Properties has already achieved 63% of its annual guidance for new business development (land acquisition). This achievement reflects the company's strong execution capabilities and its commitment to strategic growth. The new project in Kharghar is a testament to the company's ongoing efforts to secure prime locations and develop projects that add value to both the company and the communities it serves.
Conclusion
The acquisition of the three plots in Kharghar by Godrej Properties marks a significant step in the company's expansion strategy. With a revenue potential of Rs 3,500 crore and a development area of two million square feet, the project is poised to make a substantial impact on the MMR real estate market. As Godrej Properties continues to grow and innovate, it is well-positioned to deliver high-quality projects that meet the needs of modern homeowners and contribute to the economic development of the region.
Frequently Asked Questions
What is the total area of the plots secured by Godrej Properties in MMR?
Godrej Properties has secured three adjacent plots totaling 6.54 acres in the Mumbai Metropolitan Region (MMR).
What is the estimated revenue potential of the new housing project in Kharghar?
The new housing project in Kharghar, MMR, has an estimated revenue potential of around Rs 3,500 crore.
What is the development potential of the plots in terms of square footage?
The three plots in Kharghar offer a development potential of around two million square feet.
What is the significance of the project for Godrej Properties?
The project is significant for Godrej Properties as it expands the company's footprint in key metropolitan areas and contributes to its annual guidance for new business development.
Which organization conducted the e-auction for the plots in Kharghar?
The e-auction for the plots in Kharghar was conducted by the City and Industrial Development Corporation of Maharashtra (CIDCO).
Related News Articles
Aadhar Housing Finance Eyes Sustained Growth of Over 20% in Disbursements and Asset Base
Aadhar Housing Finance projects disbursements and assets under management to grow at over 20% this year
No Reversal on Real Estate LTCG Tweaks: Government Stands Firm
Government sources have confirmed that there will be no reevaluation of the changes made to Long Term Capital Gains tax (LTCG) in the Union Budget, despite concerns over the removal of Indexation benefit on property sales.
Navigating the Industrial REIT Landscape: A SWOT Analysis of EastGroup Properties
EastGroup Properties, a real estate investment trust (REIT) specializing in industrial properties, is at a crossroads in the ever-evolving industrial REIT landscape.
Godrej Group Makes Major Move in Mumbai Real Estate by Acquiring Land for Rs 81 Crore
In a strategic move, Godrej Group, through its real estate subsidiary Anamudi Real Estates, has acquired a significant plot of land in the bustling city of Mumbai for Rs 81 crore. This acquisition marks a major step in the company's expansion plans in one
Why Pattaya is the Next Big Thing for Indian Property Investors
A luxury sea-view condo in Pattaya costs as much as a mid-range apartment in Mumbai. Discover why Pattaya is quickly becoming a hot spot for Indian property investors, offering exceptional value and potential returns.
Akshaya Tritiya: Can It Spark a Surge in Real Estate Demand?
With reduced EMIs making home loans more affordable, Akshaya Tritiya could be the catalyst for a surge in real estate demand, especially in the luxury and high-end market segments.